HDFC Bank Q2 Results: HDFC Bank, the country’s largest private bank, has presented the results for the second quarter of the financial year 2023-24. HDFC Bank has presented its results for the first time after the merger of housing finance company HDFC with HDFC Bank on July 1, 2023. HDFC Bank’s net profit increased by 51 percent to Rs 15,976 crore in the second quarter, which was better than market estimates. Net profit in the same quarter of the last financial year was Rs 10605.78 crore. The total income of HDFC Bank in the second quarter was Rs 78,406 crore, a jump of 70 percent.
The bank’s net interest income from interest has been Rs 27,385 crore. Earlier it was believed that due to merger with HDFC, the net interest income of HDFC Bank will decrease. However, nothing like this happened. There has been a jump of 6.7 percent in the net interest income of the bank. If we look at the pre-merger period, the NII of the bank was Rs 26,660 crore in the same quarter a year ago. There has been a decrease in bank provision in this quarter and it has come down to Rs 2904 crore from Rs 3240 crore in the same quarter a year ago.
There has been an increase in Gross NPA i.e. Non Performing Assets in the total loans of HDFC Bank. Gross NPA for the quarter ending September 30, 2023 was 1.34 percent, which was 1.23 percent in the same quarter a year ago. Whereas in the first quarter of the current financial year it was 1.17 percent. The total deposits of HDFC Bank have increased by 30 percent to Rs 21.73 lakh crore in the quarter ending September 30, 2023.
Earlier, at the close of the market, HDFC Bank shares closed at Rs 1529.60 with a decline of 0.40 percent. After the merger with HDFC, the luster of HDFC Bank’s stock had disappeared. The stock has fallen by 8 percent in one month, 7 percent in three months and 10 percent in 6 months.
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